tv Cavuto Coast to Coast FOX Business November 29, 2017 12:00pm-2:00pm EST
doing basically rebalancing of their portfolios to hit performance targets. rotation into financials as there is a pause in the vote to see if the senate tax cut vote goes through. stuart: money in big tech, take it out and put it in something going up. neil, it is yours. neil: thank you, stuart. the rally petered out a little bit here. a lot might have to do as lizzie said the timing of the vote itself, when they get into this debate athon and argument back and forth there. is a clock that is going to start. we don't know when that is going to start. that is weighing on investors right now. the wait to get to 24,000, these milestones, 1000 point markers, to step back and say wow. if this were to happen today, even intraday, would be the fourth, fifth such 1000 point climb we've seen this year. it would be the sixth since the president was elected, if you go
back to about roughly a year ago. just looking at that, from that point on, we have had 1000 point climbs seems every few months. would be in this case a little more than a month since crossing 23,000. if we cross 24,000, it would be the fifth 1000 point climb in the dow, since this year. since the president was elected a little over year ago, sixth time we've seen that happen. appreciable advance, that at this point has a lot to do with tax cuts and optimism they are going to happen. but there is aggressive timeline here that is, has to follow exactly. chad pergram following that very, very closely. chad, what can you tell us? >> sometime 2:00 this afternoon is when the united states senate will have a vote to proceed to the tax cut bill. they have to vote to get on to the bill. at that point as you said it triggers a 20-hour clock of debate.
this is under the special process of budget reconciliation. why is that important? well, budget reconciliation turns off filibusters. in other words they only need 51 votes to pass a bill t limits amount of time. we could have amendment votes later today, presuming they get on to the bill this afternoon. then they would have what they call the vote rama, this is another category term, this is they vote, take amendment vote after amendment vote after amendment vote. sometimes goes on five, six, maybe 14 hours t culminates in a final vote at the end of the process, presumably late thursday not, maybe wee hours of friday, maybe even saturday. they just need 51 votes. we believe this vote is right on the edge right now. there are a couple of wild cards out there. jeff flake, republican arizona, also john mccain, republican of arizona, if they get to 50 votes, they need vice president mike pence to potentially break the tie. neil: how do you see that going?
they seemed to rush it out of committee, all republicans voting to do so. does that mean ail yea votes, meaning senator johnson in the final measure? >> senator johnson indicated on your program said president trump would try to fix this later on. bob corker a member of the budget committee, said some triggers, backstops might raise taxes later if they go into deficit spending that could get him to yes. but that will be something to see where the fix comes. does it come in set of amendments they do on thursday or friday? does it come in conference committee. here is another vocabulary term for you. do they get assurances from speaker of house they will fix this in the conference committee? the senate passed a bill. the house already passed its version of legislation. they put them together in congressional blender and get one final bill. do those senators on the edge
have enough assurances from the house, enough confidence in the process they get it through? neil, i've talked to a lot of people in the past 24 hours. they think this can go through the senate but they're very leery of the conference report, because you pass something not in the original bill. getting that through the house and senate again is very troublesome. i look back to energy bill they had in in the mid 2000s, wewhere they produced conference report, the final version out of conference committee. they had a bear of a time to get it through the house and senate. they finally did but took a look time, neil. neil: i imagine the house would be less likely to simply are upper stamp what the senate approves, if it does, simply to get this to the president's desk fast? >> look at the senate mandate repeal of obamacare presumably will be in the piece of legislation in the senate. if you put that in house bill, there is a reason it wasn't in the house bill, you start to lose all the moderate republicans, so-called tuesday
group. charlie dent of pennsylvania, some of whom they had trouble with on the health care bill in may. neil: buddy, you're a genius. you know that already. i appreciate it anytime, thank you, very, very much. >> anytime, neil. neil: how will this go? we have "politico" reporter rachel bade. i want to start with john mckin what kind of a role he would have. some tax cuts he opposed including president bush's two tax cuts. i went even further, 1994, at time of the pub puck takeover, and -- republican takeover, i said i think we take make a terrible mistake go back to the 1980s, we cut taxes and got a debt and pay on annual basis bigger than the amount we spend on defense. back then worrying allowed about our payments on the debt exceeding what we were forking over to defense.
if he was a no over that issue then, he has got to be a no over this issue now, right? >> chad talked about wild cards we're watching in the senate right now. there is no greater question mark i don't think than senator john mccain. a lot of my white house sources are watching him very closely. he has been pretty mum how he feels about this bill saying he wants to see what the final product looks like before weighs n he has history of opposing tax cuts, right? bush-era tax cuts, going back to the '80s. listen, he, a lot of people are really cautious about him because he voted against the health care bill. which shows he is not afraid to go against president trump and his own party leadership. so he will be someone they definitely got to get on board. they can only lose two votes. right now they're probably going to lose collins fset next one, where does this go from here. neil: you think they will lose susan collins over the individual mandate thing, senator from maine? >> collins is another one watching closely. she wants a commitment obviously
the president will continue making obamacare subsidy payments. the president real did i doesn't want to do that. how is that going to shake out will be determined. another thing on mccain the reason he opposed tax cuts in the past he said they benefited the wealthy. in the senate they're looking to making tweaks from the bill that will actually skew some of the benefits further toward the wealthy right now. for instance, talking about making changes for tax cuts for small business. 70% of small businesses affect top 1%. if they make those changes to make tax cuts for smaller businesses greater, that will further skew who is benefiting toward the wealthier side of the scale. so that will be an issue for mccain. neil: i will take the leap, somehow with all those problems that you outline very well, they still end up approving this, but then the next freight train is the budget. and that's something, we mentioned john mccain at the
outset. as you reported in the past he is very concerned about military spending, rachel. he said he wants to increase that spending, democrats and some moderate republicans would counter, well, then we have to increase non-defense spending that budget thing could prove even bigger mess, right? >> oh, my gosh, throw this all together, everybody's heads spinning out of control right now. so the latest on this. i posted a story on this. sources are telling me that republicans are trying to kick this budget fight into january. they know it will be a total mess because democrats, you're right, they want to increase non-defense spending as much as they want, as much as republicans want to increase defense spending. there will that be wild card there. they want a fix on daca for "dreamers," a solution there. this will get really, really ugly. it could totally complicate tax reform especially having trouble getting everybody on board in the senate. republicans will try to push this to january, however they
will need democratic votes in order to do that. they need at least eight senate democrats. right now the big question is, can they find those democrats? neil: do you mean to say they would need even those temporary extension to keep government lights on a few weeks into january? >> that's right. that is exactly right. they need to pick off eight senate democrats to get it through. they think they can pass it through the house. but the senate has 60 vote threshold. they need eight senate dems. i'm not sure they can do that we'll see. neil: you've been right on a lot of this stuff. thank you very much rachel. "politico" capitol hill reporter. a lot of things to rachel's point have to go just perfectly right now. one of the big issues, really perplexing republicans how to pay for all of this. remember the senate plan builds in 1 1/2 trillion dollars in tax cut revenues would be lost over the next decade, the idea being that economic growth though will address a lot of that.
in fact a lot of top economists, number crunchers, former top economic honchos in variety of administrations penned a letter on this very issue, saying essentially such that, that we will see growth from the tax cuts much more so than anticipated in the past. among those glenn hubbard, former bush 43 economic advisor economic council chair. glenn, very good to have you. >> it's a pleasure. neil: talk a little bit about that. many republicans are concerned, i don't want to bust deficit. i don't want to dramatically increase the debt, a lot of geeky colleagues of all came to the conclusion they're worrying a bit too much. explain. >> they're worrying about the right thing but we also need the economy to grow. the question is if you do the right kind of tax reform, particularly corporate tax reform what is being complicated
you do get higher gdp because of higher investment. so a lot of this will come back to the government. i think the goal ought to be pro-growth policy. why the corporate piece of this is actually pretty good. neil: douglas holtz-eakin signed on to this, george shultz, larry lindsey, john taylor, who's who, argued this could boost gdp. that alone could go a long way to providing additional revenues. what i notice in the past with surges in gdp getting them to last longer than a quarter or two or three at a time. do you think that the average you see for 10 years would be consistently 3% or better versus 2% as been the average roughly over a last decade? >> there is no question gdp will grow. getting steady 3% growth, requires a lot more than the tax
code. would require regulatory changes. neil: glenn, this alone does not do that right? >> i think it will raise growth. i don't think it will get all the way to 3% forever. what we agreed in the letter you will raise the level of gdp to 3%. neil: there has to be revisitting all of this, the fear republicans have, even if they pass this, get it done, the impact, feeling impact could be months, years away. >> i don't agree. neil: good, that is what i was going to ask. the fear if that happens, they will lose the midterms. go ahead. >> here is the way i think about it. i can't opine on the politics but on the economics, if the corporate rate cut is delayed a bit, which is in the bills, and you have ex-expensing of investment, you have a lot of investment in anticipation of a future rate cut. if anything, activity will be frontloaded, not backloaded. there will be long-term very
positive effects because over time as capital stock grows that is higher out put and higher wages for all americans. neil: even though we're better than what used to be called full employment right now, even though corporate balance sheets look pretty robust, even though the market has been on fire right now it, could be, even more so with these tax cuts in effect? >> well the market of course has already been pricing some probability of tax cuts. neil: right. >> but in terms of the real variables you mentioned, output and wages investment, absolutely yes. neil: okay. very good. glenn, thank you very, very much. >> pleasure. neil: former bush 43 economic advisor, economic council chairman. dow is up 53 points. mitch mcconnell said the senate voted on wednesday, whether to start the debate on tax bill. in other words, yea or nay on that. that is when the 20-hour clock starts running and they start
yapping. after that they hope to start a vote which could take us probably to maybe a friday vote, possibly a this weekend vote, you don't know. they are moving full throttle. chuck schumer not a fan of that speed or why they are racing away like this, but keep in mind, democrats did that as well with the health care act. so they're pointing fingers at each other, each repeating what other said was sins of the other. it is just a mess. they hope to have it all resolved in a matter of hours after this.
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near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. neil: by now you know is out. matt lauer fired by nbc news and they didn't give a lot of folks there much warning. "fbn:am" co-host, lauren simonetti on how it went down so quickly. lauren? >> so quickly. after two-decade run as fixture on "the today show,"nbc news firing matt lauer, after police filed a complaint monday night lauer fired monday night. nbc news chairman, andy lack out with a memo to staff, while the first complaint about his behavior in over 20 years he has been working at nbc news, we
were present with reason to believe this may not be a isolated incident. the "new york post" is reporting that lauer allegedly assaulted an nbc female staffer during the winter olympics in sochi in 2014. that is reported by the post. apparently his behavior was well-known. parent company, campus cast behind me, is rallying on the oust sister of matt lauer. neil: lauren, thank you very, very much. president tweeting about matt lauer today. wow, matt lauer was fired by nbc for inappropriate sexual behavior in the work place but when will executives at nbc news and comcast be fired for putting out so much fake news.
check out andy lack's past. >> president trump tweets on big things and when they happen whether they relate to his white house or not. the left-leaning media laps it up and allows president trump to control the agenda. putting them off balance. you have two news networks, cnn, and msnbc, and i watch them closely, along with fox business being my favorite but they constantly lament how terrible it is president trump is doing. that is what they spend almost all their time on. frankly that plays right into the president's strategy. it is part of that. nbc news, comcast is a great company. the head of nbc, steve burke is one of the best executives in all of media, but unfortunately the nbc news division is decidedly left-leaning. for president trump to take a shot at andy lack and phil griffin, is not a shock. frankly not totally out of line,
given their history. neil: nothing to do with these charges and developments at all. so you might be right about that, lee, but my only point on this he would have been better saying nothing at all, would he? >> you know what? i would trust his instincts on that and not that, by any means like a lot of stuff that president trump tweets but in terms of working for what he is trying to accomplish, he has been pretty successful. neil: he got himself elected president of the united states. >> he knows about this stuff. neil: given this, i will argue that you make a very good point how this sort of takes away some of the firepower in the investigations over his moral propriety and all of that, given fact some of the people most zealous going after him are caught up in webs of their own so there is something to that. i wonder whether commenting on this stuff feeds the beast? around he is in battle of his
life getting tax cuts through and he might and just focus on that. what do you think? >> i think he is calling attention to the establishment media avow he hadly, egregiously anti-president trump bias. he takes every opportunity to do that. he points out these guys are not pure as driven snow. in terms of what you mentioned before that. roy moore, whatever his failings, down in alabama, the guy running in the u.s. senate special election, has been blessed by god because in the wake of his scandal, we now have this cascade of accusations against left-leaning politicians and media celebrities and movie stars. so now, it is wrong attitude, but a lot of voters are thinking, hey, they all do it. that is one reason that roy moore has retaken in the lead in the polls in that alabama senate race. neil: there might be, you're right. there are some distinguishing
differences here. in roy moore's case, if they are true, they involve underaged women. >> sure. neil: i am curious as to whether it has reverberated in a way that a lot of roy moore's critics could not have foreseen? people in alabama are more angry at critics of roy moore, those outside of alabama trying to decide this election and even republican establishment players like mitch mcconnell trying to even have a new election, and that that is actually helping moore? >> it is. it is the two together, the establishment and republican party and left-leaning establishment media, trying to demonize and get rid of roy moore, hey a lot of accusations and criticisms of him i agree with, but you know what? alabamaians don't want to be told how to vote. neil: no one does. no one does. i think you're right. >> we're seeing all over the country. hey, democrats didn't want to be
told they had to vote for hillary clinton. that is why bernie sanders had won the nomination if not for superdelegates and horrific manipulation that donna brazile and others were involved with, and entire party was manipulated by the hillary clinton campaign. nobody, whether you're in left, right, in the middle, likes for establishment people in this day and age and media telling them who they have to vote for. that is something every politician of every stripe needs to take account of. i do wish we were talking a lot more about tax reform. neil: right. >> and things of that nature. that is a heck of a lot more important, is getting that, getting that passed, frankly getting changes made to it, make it more effective. neil: real quickly, going over here, some of my producers are screaming at me, they are, actually. i'm curious, does this cancel out harrassment, all the other issues, since it seems to have infected both parties, both sides, liberals, conservatives? i know there are differences and grades of this but it seems to
be so rampant now and across corporate america now, and across all persuasions now? does it cancel out, does it change anything, what? >> well i hope it does change things. i hope it doesn't cancel it out. as i said when it comes to politicians it does contribute to the perception among voters they're all pretty crooked. you know, even though that help someone like roy moore the first to go down. the matt lauer situation is the latest thunderclap of storm of racial harrassment reckoning has got to happen, had to happen, taken far too long to happen. the question i would have is, this occurred allegedly three years ago. we were told in the report, in the segment that other people around nbc news and "the today show" knew this kind of stuff was going on. we need a new policy, neil, in this country, across business and across government, same policy about terrorism, when it comes to sexual harrassment, if you see something, say
something. we shouldn't leave it to the victimized women or anybody victimized to have to report this and not to have any backup, anybody else helping them out because you know what? when you undergo that kind of trauma, when someone very powerful has implicit ability to destroy or impair your career, you know what? maybe you're a little nervous about coming out and discussing that. neil: you're right. >> and that is why friend and associates, certainly coworkers should start speaking out. if you see something when it comes to sexual harrassment, you say something. don't wait on it to come out years later. neil: although, lee, we in fox live in very big glass house. i can relate to those that say they didn't know or weren't aware. i certainly wasn't aware of a lot of stuff. maybe i'm and ignore ram must. maybe -- >> those that do know should say something. neil: lee, good to see you. i know this will shock you they want to have emergency meeting at united nations over
the north korean missile test just like they had an emergency meeting after the last missile test two months ago. just like they had an emergency meeting with the test before that one three weeks prior and one before that one, four weeks prior, and the one before that one, five weeks prior. you seeing a trend here? so is david hunt, our military analyst. served this country nobley. the o good colonel what we do next. that he wouldn't be able to retire until he was 68. the client realized, "i need to get back into the markets- i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor.
neil: all right. defense stocks having a pretty good week in this middle of the week ever since that north korean missile launch much even amid prior to it with the sabre-rattling. on and upward we go. the president is promising additional sanctions, major sanctions on north korea after this missile launch much.
and, you have got talk of emergency meeting at the united nations yet again. this is sort of the drill we go through, all these drills and emergency meetings of the nighted. >> nations. to fox news military analyst colonel david hunt what he makes of all this. you know, colonel, we can time it almost to the exact response what happened every single time north korea does this. it is the same action and the same reaction to the action. what do you think of it? >> yeah. it's can be frustrating. no administration has been able to come up for an answer to this. we have a military solution which would be devastating for seoul because of the closeness to the demilitarized zone, north korea with 155,000 pieces of artillery and rockets 30 miles from seoul issue. the military outcome is a foregone conclusion. north korea would no longer exist. we're the best-trained military in the world but the hostage,
millions of people, 20 million plus, in seoul and now tokyo. north korea has had the bomb since 2006. they are a nuclear nation. the question is delivery system. after yesterday it seems all the experts they have a missile that can reach d.c. now we evaluate whether they can put a it nuke on top and can recover from reentry. what we do about it is china has been very helpful, lately which is unusual. i'm not sure you can starve north korea anymore. neil: do you really -- the reason why i ask, obviously whatever they were doing or not doing, north korea is still went through with this missile test. it is just your opinion, i understand, do you think china was given heads up by the north koreans, hey, we'll test this incredible missile? >> i have no doubt that north korea gave heads up to china. neil: really? >> they are the last hope for
any kind of economic assistance. they are still getting some. your introductions is correct. we've been through this before. the difference we have outspoken president, very direct and nasty guy running north korea who are going at it on the airwaves. that is added something that we've not seen before. we also deployed three aircraft carrier groups, first time in 40 years. only two there now, but that is a massive display of force and flying b-52s over the peninsula. not like we're sitting still. there are 28,000 military people stationed there, and 200,000 total americans. it is not overly different military problem although ugly. north korea is a tough place to take on the ground. neil: right. >> but north being that close
north korea would have the chance, no matter how successful the air force would be, to make a strike in north korea. that is the hostage, that is the thing we're not able to come up with. neil: but sanctions wouldn't cut it, right? >> i think there is, you have to completely starve them. china has to agree to cut all economic aid. no more fuel. fuel is the next one to reduce. right now, neil, the north koreans defected successfully. almost died. when he was in south korea, they found parasites in him, one 2sent meters long. -- 28 centimeters long. more pressure we would find them dropping in the streets. that would be the ultimate. after you do that, there doesn't seem much else but a military option and that still hinges on seoul being held hostage. neil: colonel, thank you very much. always good talking to you.
>> thank you. neil: all right, colonel david hunt, served this country with great honor. in the meantime, this is great news on the economy. in this latest read, growing in excess of 3.3%. that .3 is stronger than three originally reported. if you maintain that, you paid for tax cuts. you paid for 1 1/2 trillion in revenues that they lose out, just that. imagine if you do a little better than that. after this.
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the markets change... at t. rowe price... our disciplined approach remains. global markets may be uncertain... but you can feel confident in our investment experience around the world. call us or your advisor... t. rowe price. invest with confidence. neil: all right. the president will be departing soon to missouri to sell the republican tax plan. jeff flock in st. charles, missouri with a crowd no doubt will be excited to see him. jeff? reporter: yes, about 1000 people, neil. as you can see perhaps behind me, they're already showing up out there. there are folks circulating a petition that they want to give to the congressional delegation in missouri, urging them to support tax reform.
claire mccaskill, part of that delegation who said she wanted to be a part of tax reform. she wanted to work with republicans but yesterday she voted actually against advancing the bill in the finance committee. she is member of the finance committee. i wanted to support real tax reform. this isn't it. it gives middle class scraps and corporations and wealthy business owners make out like bandits. that does not sound like somebody who might be a yes somewhere down the line. of course the tough part for her, she is in a state that president trump won by 19 percentage points last november. she is up for re-election in 2018. the delegation, the congressional delegation in missouri is six republicans and two democrats. you might think she is in some trouble. she seen in this state as pretty moderate democrat. in fact some democrats she talks like a democrat. she is actually a republican. if you're pissing everybody off
you're probably right smack in middle of the road where margaret thatcher says you likely are run over by a truck. neil. neil: you just alienated many viewers with that comment. always good seeing you, jeff, thank you very much. jeff flock making his final report here at fbn. i am joking. i love that guy. i love that guy. meanwhile the u.s. economy growing at 3% in the third quarter. by the way that is strongest we've seen in three years. that is not only difference between 3% and 3.3%. you maintain that you pay for the tax cuts. one 1/2 trillion in revenue over ten years much then some. that is why growth is such as important part of this picture, maintain it. revenues come in, everything works out just hunky-dory. charlie gasparino, on all of that. >> who told you so? i told you, even without the tax cuts, if impose deregulation as president trump is doing across the board,epa, financial
services, whatever he can do, putting people in these places that want to deregulate, interpret laws stringently you give a defacto tax cut to corporations. neil: you think that is what is behind this growth? >> i think that is lot of it. neil: you are giving president trump who you rail against constantly and treat like dirt, you are giving him, wait a minute. you are giving him the benefit of this long, long-term ga parrino no doubt. >> i have been saying for a while. neil: you're doing trump impression. >> my nose is itchy. what does it mean when you're nose is itchy? neil: you're lying. >> okay. the president doesn't read more than 500 word a day. neil: you don't know that. >> he is nod a big reader. he is not very literal. neil: well neither do you. >> yes i do. i read everything. neil: not just your books. >> no, i'm reading ulysses grant biography from chernow right now. neil: someone is little anxious.
>> he doesn't read a lot. he tweets stupid stuff. he says a lot of dopey stuff. yet, he does some very simple things. neil: he is president of the united states. >> guess what he did? he did some very simple things. he wants to cut taxes, even though i don't like a lot of tax plan. it is net-net, not a bad plan. neil: you still think it will happen? >> i think so. who knows. you know, there is still a lot of holdouts or maybes. he is doing something simple with deregulation and that's all you have to do. neil: you can get more growth than this -- if you're getting more growth with taxes you think you still get more with them? >> depends. some of that individual stuff is bizarre. i think he made a mistake giving it to congress to play with. because they screwed up the individual side but corporate side is pretty good. obviously when you have a 35% corporate tax rate as we have here and rest of the world is at 20, you will have a competitive problem. and that's, this is real simple. i guess my bigger point is, you
can have president dunderhead here saying crazy stuff. neil: whoa, whoa. >> he says crazy stuff. you can do that. neil: 1000 point advances. >> think about it, neil, you have that, all you do really simple stuff that brain surgeon barack obama couldn't figure out, and brain surgeon hillary clinton couldn't figure out, that just takes some simple things with this economy. that is laying off of businesses to a certain extent. let people keep more none any, than giving it to the government. not being at war with business. neil: this is the trump rally, trump economy, trump market. >> yes. and you may not like what he says, his dopey tweets out there, he was coming out today with craze -- we have 3.3% gdp and tweeting about matt lauer. that is crazy. neil: economy sizzling, stocks are sizzling. >> i'm telling you, man, it is simple. you don't have to be a brain surgeon here. well, donald --
neil: economy is like pumpkin spiced latte. >> like a big orange ball of hair. neil: stop. we have lot more after this. i think we have alienated everybody. we have new government fears we get through the whole taxes thing, guess what, they will turn the government lights out, because we're running out of money and running out of time to address it. the other fight you don't know i think you should know after this. is this a phone?
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neil: let's say you get a tax cut. they move fast and they move to get that all approved and voted on and done. right after that is another potential legislative nightmare because it is just hours later, i'm talking about, possible government shutdown. adam shapiro live on capitol hill with the very latest on that. adam, times a wasting, right? reporter: times a waiting. talk about the latest headline. essentially we run out of money. congress will have to pass a continuing resolution or full fiscal plan to take us from 2018 through september 30th. look at video. we know about the famous showdown between the president and chuck schumer, ranking member or minority leader, rather, and nancy pelosi in the house. they skipped the meeting with
the president after he tweeted that the discussion over a deal for the funding of the government would be no deal. so they did not attend. then of course the meeting went on with paul ryan and mitch mcconnell, and two empty chairs. where do we stand all this? democrats are holding out. they want to pass legislation as part of the deal to help immigrant students, daca students. there are funding subsidies for insurance premiums. want that in there. republicans face a problem because there are spending caps that have to be lifted that were put in place in 2011. so getting everyone on the, same boat will be very difficult. especially if you don't have the democrats. but here is what sarah sanders said about all of this yesterday. or this morning, rather. >> president wants to make sure we do what is necessary to fund defense spending, the military. democrats are playing political games. it is really sad what chuck schumer and nancy pelosi did yesterday, refusing to come to sit down with the president, make sure we're putting
priorities of americans first and not priorities of their party first. reporter: in a perfect world they would do a full funding measure, take us through september 30th year, rather, fiscal 2018 but look for continuing resolution to get past friday, december 8th. back to you. neil: adam, thank you very much. bitcoin, you probably heard about it. you -- but i remember people saying this is bubble when it was at 500 and 750. now its north of $11,000 a share. you don't know whether a cause, a stock or phenomenon. deirdre bolton taking a close look at it. reporter: we can't ignore it. we can't ignore it. 11,000 now. this is sixth day of a record. neil: yesterday was 10,000. reporter: that was a big psychological mark. seems more and more organizations are recognizing it. if you want to know about timing, why is this happening
now, it does seem to be, i will read three, four organizations actually, cme group, chicago board of exchange, nasdaq and cantor fitzgerald are either starting to launch futures contracts for this because investors are demanding it. cantor fitzgerald and nasdaq is first half of next year. but point more and more organizations are getting on board. ceo of morgan stanley said, maybe it's a bubble, maybe it is not, but it is not inherently bad. it may be speculative but it is not inherently bad. neil: base it on the idea, this would be rival, alternative to established currencies? >> reporter: yeah. this would be the biggest disruption in payments around the world ever. because you -- neil: even u.s. dollar. reporter: huge. take out two middlemen. you take out banks and you take out government. so for a lot of people the appeal sometimes is just philosophical, right? why should a government tell me what anything is worth?
you and i agree on a price, why shouldn't we trade and by the way not pay a bank a transaction fee. we talked about jpmorgan chase jamie dimon saying it is a fraud. he will fire employees who engage in speculation of bitcoin. i want to point out cynically, jpmorgan is biggest currency trader in the world. so they have a vested interest. neil: what i worry about, not worry, but it would be significant, if one of these large money center banks embrace it, because you know, if you want to get on the wagon, it's a way of riding the wagon. reporter: a lot of reasons to worry. if we go into financial crisis. this is when it started in 2008 after the global credit crisis. neil: right. >> reporter: seem in this country were losing faith in government, how the government manages financial systems. neil: anything reflective of government, their bonds, currencies, even stocks port for people thought it was a scam or sham.
people living in other countries used to unstable currencies, bitcoin seems completely reasonable. if you speak to somebody in venezuela, oh, thank goodness. bitcoin. i'm trading directly with a business person down my street. i would rather deal with that than government. neil: isn't this easily manipulated and doesn't a rise we've seen from 1000 buck as couple months ago to in excess of 11,000, doesn't that show manipulation? reporter:' very least speculation and big waves you can't control. neil: currencies that move are scary. reporter: only reason the dollar is stable as it is, no matter what the rest of the world says about us, people still believe in the credit of the u.s. government. neil: backed by full faith and credit and that means something. unless you get to a point where it doesn't anymore. reporter: i think we're far from that but i think it is worth noticing a lot of very tried and true blue chip institutions are
beginning to -- buy investor demand. people want to trade this. how can we make money? i want to point out speculation because you made me think of this. currency, bitcoin fallen 80% more than five sometimes since 2008. this is not for the faint of heart. it used to be frankly for nefarious purposes. that was origin. drugs traffics, arms trafficking. illegal military equipment trafficking. unfortunately human trafficking. a lot of non-criminals don't feel comfortable using it but at 11,000 bucks a pop it. neil: it got people's attention. that is something interesting we'll follow closely as will the president of the united states headed off to missouri to talk tax cuts. right now he feels he is getting the upper hand. more after this.
neil: all right. president trump at joint base andrews, he's ready to depart right now for missouri where he's going to be selling that tax plan saying it's the biggest and best of them all in united states history. that depends on what type of math you're using here. we'll get to that in a little bit. we do know that mitch mcconnell is calling the shots at the united states senate expects to get a clock running and a start count going maybe within hours. it would be 20 hours from that point and a debate that would probably prompt a vote at the end of this week or probably saturday. after that, it's anyone's guess how this would go or not
go and whether there's a rush in the senate to rubber stamp it and vote on it. another congressman told me that's not how it works, and they will not comply with that. but, again, so many ridges to cross first before that. one that seems to be very close to crossing is dow 24,000. right now the dow is closing in on that level. it would be another yet 1,000-point milestone. the sixth of donald trump since his election, the fifth this year. meanwhile, it's real clear politics national political reporter connell mcshane frommous the white house. connell, the read there is that the markets are sensing this and realize that you get onboard with this, yeah? >> yeah. essentially. we talked about this the other day. it's tough to read into what the market does in reaction to preparation for or whatever the case may be with tax reform because, you know, very easily we could see some sort of a selloff.
we haven't yet. it seems we're waiting forever, and it could be the bill passes as you and i brought up when we were talking about selling to the news. i don't think that's out of the way. when markets look for reasons to go down, lately it seems we're waiting for an excuse to go up and yesterday was a good example of this. the incoming fed chairman testimony would find a reason to go up and, you know, that seems to be the leadup to this tax reform effort. you know, from the white house perspective today, though, there seems to be some sense of urgency, neil, that they think they have to sell this. to your point, it could go either way, even though there are has been positive news the last couple of days, and they really think they have to sell it to main street. this trip is on purpose today right outside saint charles, missouri, and the senior administration official was saying one of the reasons they went there because it has a good-looking main street, literally. and they just released a few excerpts with the president talking, and they expect him to do this afternoon. and a lot of tax cuts about main street about cops,
teachers, truck drivers, and pipefitters, and not enough for the middle class to keep getting by. we want them to start getting ahead. that will be a quote from the president in his speech this afternoon. neil: you know, the president is going to try to sell this to the public justify it or not very skeptical about this and whether enough of that money reaches them, many are ticked off in these surveys upon hearing that tax cuts for companies are permanent. tax cuts for them are not. so how does the president pitch that when he meets with folks from missouri? >> right. that cbo report showing that poor americans would be hit with perhaps a tax increase later on in a few years' time. democrats are, of course, trying to do their own messaging around this, and they have been successful in terms of public opinion. so republicans are really looking to the president to be able to sell this to the public and try to sell this the way he complained as kind of a populist candidate. that's going to be hard to thread that needle, given some of the bo numbers.
but i will say that the real effort here is nailing down those votes in congress. and i will say that it does seem that more republican senators are wanting to get to a "yes" vote on this, and that's pretty remarkable, compared to the health care fight that we saw. so i think that this certainly gained some momentum yesterday and the president is trying to apply more pressure there. but even if it does pass, i think your point about selling this to the public is really important because when you look at the polling here, it's still an unpopular bill. and we're at the end of the year here, of course, and this would be a significant legislative accomplishment for this president and for this republican congress. and they need to be able to show the public that they are working on something not only getting something done in the political sense, but also what they would be giving to people. neil: yeah, that's well put because that's the struggle for winning over these senators who are skeptical. ron johnson among them from wisconsin.
and, connell, he was with me yesterday saying he's credentialed by what he's saying. i want you to react to this. >> and did you get a chance to pass along the measures being expressed to improve that situation? >> senator danes and i are in pretty constant contact, and we're unified in our position here that we certainly need to close that disparity that doubled, basically, in the senate bill. so it's still a huge concern of ours. but, again, i like the movement so far. i think senator corker was obviously satisfied as well. so the move's in the right direction, and we absolutely need pro growth tax reform. neil: all right. just to put that in some context, he and senator danes of montana were skeptical about the fair and ethical treatment about small or larger companies. we think small companies are getting the shaft. something has been done or will be done we're told the president personally at the luncheon yesterday to address their concerns.
but whatever they get, someone else doesn't get; right? >> yeah. i mean, that's still the concern i think with corker too. if you're talking about putting something that brings senator like bob corker on board, then what, you know, what other senator are you losing in the process? for example, these triggers that are being talked about, which i presume is the mechanism that might bring someone like corker onboard or quite unpopular with many conservatives, traditional republicans who say wait a minute. are we actually going to put something in place that if things don't go exactly as planned, we are going to have a situation where taxes automatically go up? how do we vote for something like that? so, yes, i mean, to caitlyn's point, it looks like the momentum is certainly on the side of those who want to see this get passed the last couple of days. but until it gets passed and works through conference with those issues out there, i still think -- you know, talking about a razor slim margin here. and reading wall street editorial pages and others
this morning, i don't know if it's enough but it's something that people are concerned about. neil: all right. guys, i want to thank you very, very much. another thing that came about is what's to do with the deduction of state and local taxes. where it stands right now, we'll be out of the senate measure or at best limited to the senate measure, and that is something that new york republican congressman lee doesn't like. he and a number of colleagues from states right now where this is a very, very big for their constituents against the way this is going. and right now, congressman, it seems that the senate could make the situation even worse by not even allowing the house provided writing off $10,000 in taxes, real estate taxes, local property taxes as the house has done. how do you feel? >> well, certainly it would be worse for the senate to pass a bill that proposes to fully eliminate the state and local tax deduction. it would be progress just like it was progress on the house side if the senate was able to
come up and match the house proposal to have a 10,000 property tax deduction cap. it's not enough progress for many members, such as myself. i represent a district on long island, my colleagues, congressman king, congressman donovan, we literally had a press conference a few minutes ago. continuing the fight for further improvements. there are some members of congress who voted "no" with our concerns. there are other members of congress of the house who voted "yes" with the understanding that they were going to be improvements made on this issue. so we'll see what improvements -- neil: i know there's a lot of deal making back and forth, so i understand that. but one of the other ideas i heard is that whatever the senate comes up with to expedite things, they want you guys in the house to vote on that and not go back and reconciling the two. >> well, i think there would be a whole lot of other people who voted "yes" on the house bill who would vote "no." there are many members. i spoke to one principled
member of our conference a little while ago, and he said it's a nonstarter for him and others not to go to a conference committee. we have a process. we passed the bill in the house. you pass something different in the senate. this is a very important bill, so you don't just try to pass it to get it done. you try to get it done right. and i strongly support the idea of not just trying to get it done, but getting it done correctly. neil: all right. so another idea this invention -- and you don't have to legislate this with me. i know there are things you can do. but susan collins of maine is now tilting to be a "yes" vote, depending on who you talk to, had raised the possibility of raising the -- keeping the top rate as you have it, you know, in the senate, their plan brings it down to 38.5% from 39.6. but keeping the state local tax deduction. how would you feel about that? >> well, you know, that would actually be interesting. i would have to run some numbers on the difference for people who right now are in the 39.6% bracket for many of
them, their largest itemization is the state and local tax deduction. neil: they would definitely come out ahead. there's no doubt. i can just do a rough guesstimate they would come out ahead. but i'm told she's going to run in the resistance on that. but that might be a way to bring guys like you around it; right? >> yeah. so i'm analyzing this from a few different dynamics. we were just talking right now about that 39.6 bracket, that top bracket, you have middle number people half of my district, for example, itemizes. they take the state and local tax deduction. so any type of compromise, i'm running numbers not just for middle income, but also lower middle income or upper middle income and also the higher earners because we don't want people leaving our state, and it's important for all levels of government to be working on tax relief because people are becoming more mobile, and it's becoming too easy to just leave new york city or new york state all together. so that's why all levels of government you have to work
for it. as far as this potential compromise, fixing salt would be huge. very open-minded for any ideas that anyone has that would help address this very important concern to ensure that all 50 states, that all americans all across our country, we're not picking winners and losers between states and between different income brackets. everyone's coming out ahead. that's what they voted for november of 2016. neil: all right. congressman, thank you very much, sir. good seeing you again. >> you too. neil: there's been a lot of talk as well about corporations getting, really, the bulk of these benefits here as if the people who worked for those corporations would not. we can leave that to debate another day. but what if the corporations then take their lowered taxes and plow it back into their stock or buy more stock or cut their dividend and they don't hire people or their equipment? if anything, they might buy out some competitors and the interim effect would be fewer people with jobs rather than more. near term. then what? then have republicans gone out of their way to appease a
right in the heart of the financial crisis, and saw his portfolio drop by double digits. it really scared him out of the markets. his advisor ran the numbers and showed that he wouldn't be able to retire until he was 68. the client realized, "i need to get back into the markets- i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor.
tax cuts could be happening, well, that's enough to keep this whole thing soaring. right now, we're on the verge of yet another 1,000-point milestone. it would be the sixth since election day. scott, what do you think is driving it? >> so far, neil, it seems like turnsy, really. the last couple of days have been weird, to be honest. volatility has been up, your favorite index has been either up big or down big. so there's been a lot of questions. and i think the reality is this, neil. we're going to get something but the fact that this is so watered down, and i think, unfortunately, so depressing from how it was pitched to us back in february and even march when steve mnuchin talked to you about it back in the day was seeing what we're going to get out of this tax plan, which looks like it's going to favor some of the big companies that have a lot of money overseas, yes. but maybe not so much the middle class. maybe not the high income earners. that is a disappointment to me and something that the market is starting to take notice of. >> you know what worried me,
supply side or whatever, but this alternative measure to raise taxes in the event that revenue doesn't come in. so that if we have a recession, that would be good enough the slow down with that to raise tax in the middle of recession. that's when i start saying all right. now it's getting into crazy territory. what do you think of this? >> that is sort of the danger because if you have a time bomb, oh, we're going to get growth if we do tax cuts. but if we don't get growth, don't worry. it will automatically go up and solve the problem. the problem is what if we're in a recession? it's so twisted because now we're lowering taxes during a what looks like a wakening economy. we're seeing gdp come up even higher than we thought. and then we're going to get a tax increase later maybe in a recession that we have no control over. it's exactly the opposite of what you would want to do, certainly opposite to your point you just brought up. so just trying to fix this with timetables and the future is not really a solution, even
though i have also concerned about debt levels over time. but garage magically pick a year that you think you can raise taxes to fix growth that didn't happen from the tax cuts this year. i think the tax cut is really big, even though, you know, troubles the biggest ever. net tax cut, it's not so big. but the actual action going on is so much more massive than anything you've seen in so long where it's, like, radically changing the tax code around, where there's a huge break to corporations. it's great. but then there's also the whole housing market is going to be treated totally differently. so many deductions. like, i think the actual raw changes are so much bigger than even people think about. you really look at it, and wow, they're doing that too? because they all said revenue somewhere else, it doesn't seem like a big, simple tax cut like the bush tax cut. but it's really much bigger than anything we've done in a long time. neil: one thing, companies are free to do whatever they want to do.
fiduciary-wise to the shareholders, they buy back stock, they buy out their competitor. but these people who push the big tax cut for them is republican senators who are likely to go for this have put their hineys on the line saying, you know, you're going to hire more folks; right? you're going to expand your plan, your equipment and all of that and really give the economy a good goose. not that the markets wouldn't help do that, but can you imagine if they don't? and if they don't, even at least right away, couldn't there still be hell to pay for republicans a year from now? >> yeah. we've seen it time after time, neil. you can lead companies to cash, but you can't make them spend. and i agree. that's going to be a benefit for capital markets if the money comes back overseas from overseas whether it's, you know, 2, 3, $4 trillion as trump has said, and it gets spent in dividend increases, buy backs, and so forth. but you're right. if it doesn't lead to more
capital spending via the appreciation benefits. but if it doesn't lead to more hiring, then it falls flat. and to jonas' point despite wanting his hairdo for myself, is that it is a big deal, though. he looks great. i love his haircut too. here's the thing, neil. just to jonas' point quickly, this is totally kind of falling off the table with respect to the help. it's going to get some of the high income earners and even some of the middle class people depending on how you assess the deductions versus the standard deduction versus the itemization. so the reality is this. i think it's totally falling flat on the individual side. the corporate side could be okay. but this is helping out everybody, and it looks like a corporate benefit only. neil: you know, jonas, to that point, besides the great hair economy, which i totally agree with. do you think that impressions are everything? i think this impression that this is so overtly, you know, skewed to the rich. i just don't think that's lies, but i'm not going to get into that. i will get -- if that's the
impression, if that's the one that's being pushed on people without getting under the hood and looking at this thing, that's what the president is trying to address today in missouri. that presumably is what republicans will try to be addressing when they go back to their constituents. how is that going? >> okay. first of all, it's very difficult to cut taxes and not have it skewed toward the rich because of the way taxes are paid now after lots of tax cuts. and remember, obama never raised taxes back to where they were under clinton for the middle class and lower. so it's harder to cut taxes even more. very little taxes are paid at this point on the federal state. i don't want to talk about the state. the bottom line is you can't have the highest corporate tax rate in the world. does that mean they're all going to hire people? no. it's already adjustable to hire someone as a corporation. if you need to hire someone, you're going to do it whether the taxes are 20% or 40%. neil: there is a significant delay, though. ronald reagan found up to months delay.
>> again, i'm for tax cuts. in the future, i think they're going to be zero because countries are going to move to do that. as far as the rich individual issue and, again, this is more of a corporate tax issue in that i see this as a tax increase in a lot of individuals. this is not as much of a break as george bush did. neil: not at all. not even close. >> not at all. a lot of the high income people, half million are in the states where they're losing a deduction here. this is not a handout to somebody making $800,000 in new york city at all. that was with george bush. this is, again, the corporate level and not certain corporations that are already paying low rates are definitely getting a tax benefit to be more competitive with other areas. this is really not -- again, the state tax area, that's debatable as a handout, but i don't think the income tax code is changing in a bay that is radical to high-income people, other than the pass. and even that's a little unclear because a lot of those guys. neil: and to be fair, we're mixing financial metaphors here and lumping them in with the very rich and the
individuals of that company as it gets to be messy, but it's just not accurate. but i don't want to necessarily bore people to say that that argument is to your point, guys, it's not quite right. if anything, this thing is sort of like a blah on the individual front. but on the corporate, it's a big deal. guys, i want to thank you very, very much. all right. we have the dow up 80 points right now on the verge of a 6,000-point milestone here. what will close the deal? well, probably starting debate on this thing maybe a couple of hours from now. then the 20-hour clock to get to a vote. that right now a lot of folks seem to be thinking could go the market's way. could go the republicans way. could go the president's way. after this whcold sore.et you? grab lunch? cold sore. when a cold sore takes over,
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with us brian babin, it runs in that family. congressman, good to see you. thank you. >> great to be with you, neil. neil: you know, this does sound like a familiar script, sir, that is have an emergency meeting, let the north koreans know how angry we are, how outrageous their behavior, is and nothing comes of it. what do you think? >> well, we've been using the strategic patience policy with north korea for many, many years. decades, and look where it's gotten us. they have an h-bomb, a thermonuclear device now, they've got an icbm, that apparently can hit the continental united states. this has obviously not been working, and i don't know how effective these sanctions are going to be. i think, and the terrible event that north korea doesn't make the right decision here, because it's up to them, to
begin to cooperate, we have to have military option on the table here. neil: what would the military option be? >> well, i think stating that specifically would not be a wise thing, but i can tell you that in classified briefings, i think that secretary mattis, the president, department of defense is doing all they can, and this new policy, i think, is what it's going to take. you know, and the other side of the aisle seems to think that this is -- this crisis that we're in with north korea is all trump's doings, and i don't think anything could be further from the truth because we -- trump has not created -- the president has not created the situation, it has been created and created alone by north korea itself, just hell-bent to become a nuclear power and capable of blowing away
millions of americans. and i don't think this president is going to stand for that, he's going to take care of the united states citizens, that's his duty, it's our duty as well here in congress, and we want north korea to begin cooperating and get off of a suicide mission from what it looks like. neil: you know, i always wonder, congressman, if you think about it, whether the chinese could control this any better? i'm sure, and i've raised this with a lot of guests, the north koreans gave the chinese a heads-up about the missile test. i don't know if then the chinese let us know, hey, they're going to conduct another missile test. there's something in me, and i know what they're talking about freezing funding and banking system for north korea, i don't know, do you trust china to help us out with this? >> absolutely. sdpoipt commend the administration for getting the help so far that we have gotten from china, because china absolutely, you know, i think,
they have a lot of influence over north korea. so i'm simply in hopes, in great hopes, that china will continue and do a lot more than they have done so that we can defuse this terrible situation that we're facing. neil: do you think right now, russia, they've had very choice remarks over the last week, congressman, i think their finance and foreign ministers talking about apocalyptic events, it's getting to that point now in north korea, what did you make of that? >> well, you know the russians are going to be the russians just like they were the soviets. they're going to try to give out misinformation, they want to stir up confusion and problems, they're an adversary, there's no question about that. china, the last thing they want is a nuclear war or even a conventional war on the korean
peninsula, and so, you know, i think we need to keep a weathered eye out on putin and the russians and continue to work with china and let's see how the new sanctions are going to work? i don't have a whole lot of faith in them, but like i said at the beginning of this conversation, we certainly need to have a military option as well. neil: if i could switch to domestic issues right now, congressman, and this idea that's been bounced around to speed up approval of the tax cuts, assuming the senate votes to support them. at least their measure that they submit it to you guys in the house for a straight up-or-down vote. how would you feel about that? >> well, we had a conference meeting today. we certainly want to go conference, and straight up-or-down vote just kind of depends exactly what they pass, and there's still a lot of conversations going on.
i am absolutely in favor of giving america the badly needed tax break and tax reform package that they so desperately deserve after having waited since 1986. that was the last time we did it. this economy is obviously cannot be taxed or spending cut to get us out of the debt problem and economic situation we're in today. we have to grow our way out of it. i think the past nine or ten months of president trump's policies show that absolutely he knows what he's doing. there's over a million people back to work. stock market hitting high after high. just a great amount of optimism. just some good things economically that are happening under president trump. so we -- we have to get something to the american people. we have to get something over on the president's desk that he can sign, but hey, i'm not going to vote for something
that i'm not too familiar with, yet, so i'm hoping that we will have a conference on this bill. this package. but we'll see. we'll see what's in it and what's in the rest of this week. neil: all right, very good seeing you, thank you. >> thank you very much. neil. neil: you heard matt lauer is out, another prominent media name and the president wants an investigation into nbc, but not over that. after this.
did yon the national debt?ssman get elected by talking tough will they stay true to their words? or did they promise you one thing... only to do another? right now, congress is talking about tax cuts that will add trillions to our national debt and hurt our economy. it's time to tell congress... don't borrow more money from china. and leave more debt to our kids. keep your word. tax cuts shouldn't add to the national debt.
. >> i'm heart broken for matt, he is my dear, dear friend and my partner, and he has been loved by many, many people here, and i'm heart broken for the brave colleague who came forward to tell her story and any other women who have their own stories to tell, and we are grappling with a dilemma that so many people have faced these past few weeks.
how do you reconcile your love for someone with the revelation that they have behaved badly? and i don't know the answer to that. neil: you know, she had only minutes before that to sort of put that together, and react. president trump tweeting on all these developments now that matt lauer is gone. when will the fake news practitioners at nbc terminating the contract at griffin that took part years ago. investigate. all right, you can look at this as a tangent or not staying focused or just the president enjoying a moment to go after those going after him. whatever. to former new york republican congresswoman nan hayworth and liz harrington. liz, what did you make of the president's response? >> i think you're right as he took this opportunity to attack one of his favorite targets. nbc has been very critical of his administration.
so when they're having a bad news day, i think he takes the opportunity to beat them up over their coverage ever him. but i think the story for nbc is particularly bad when you think about if nbc and andy lack over there, they were the ones that killed the ronan farrow new yorker that he took to new yorker on harvey weinstein to begin with. they had the story, didn't decide to run it, and look now, come all the way back to hit them for their sexual harassment culture at their network. i think it's a good opportunity to attack the network when you look at their leadership and how they've handled these allegations and the story about weinstein and now that it's hitting matt lauer. neil: it is tempting to do that and tweet about it, to liz's point, i'm wondering if the president of the united states, it's necessary? >> i think it's a distraction. i mean it's coming to close on his first year in office, remember on the campaign trail when he said he would repeal
obamacare on day one and build the one immediately, none of those things have happened. we're coming up on the first sunset of his year in office. the media pounces all over it, it fits the narrative, they're the heroes of the grand, larger story and donald trump is the cartoon villain attacking them because democracy dies in darkness. a prominent tv network loudly announced they're not going to announce the white house christmas party and recently the "new york times" opinion twitter account changed bioto say it's going to use the twitter account to be an advocacy page to urge people, urge those in congress to vote against the current tax bill and tweeting at people to call on congressmen to urge them not to vote for the tax plan, right? it's very clear what's going on here, if we zoom out, donald trump absolutely has a point and people like to see it because they think finally, someone is calling out the
media for being ridiculous and thinking they're so self-important andaci acting so gross all the time. neil: it's like me saying i'm not coming to a party but i haven't been invited yet. i'm wondering, nan, about everything is about focus and the approach and the president is heading out to missouri to make his pitch deemed unpopular for the general public. a lot of it is presented with the public, probably a little bit of both, do you think getting sidetracked on these other issues, for whatever good they do to sort of spread the controversial sex scandals and the like, that it doesn't serve the president well? >> well, i think bree has an excellent point about the president taking on the media. the media have stepped all over themselves with apparently
having harbored and tolerated within their midst some apparently validated claims and charges of allegation of very bad behavior, so the media are that the moment in no place, if you will, to judge the president, and i think the president is going to capitalize on that. i would agree -- neil: do you mean, they would be less inclined, nan, to go after the president now because they say -- particularly on these issues, harassment or sexual issues that, look, we have problems in our backyard, we're less inclined to go after the president for what's going on in his? >> i wouldn't necessarily say. that the president has a long history, we know, with nbc, when he mentioned certain things about nbc, it does have a certain ring of truth about it. he probably knows where some of the scandals are buried. but more to the point about the president's approach, you know, whenever he denigrates the
media, he'll get a lot of sympathy from the folks he needs to be front and center with him in the public to support his legislative agenda because there is so much feeling in the country, that's why he was elected, that it's the media, the mainstream media especially, elites against us and have feet of clay as the president and all of us are learning and the president is emphasizing. is i don't think it hurts him at all. neil: liz, does this make any difference at all in whether tax cuts happen or not? >> i don't think so. neil: you notice everything comes to that? i'm such a nerdy, self-absorbed person, i think everything comes back to the tax cuts. what downing of that? >> i don't think it affects tax cuts at all. trump attacks the media because it's an easy target and any time he does this, the media overreaches in their reaction. neil: are you saying we're thin skinned? [laughter] >> maybe not so much on this network, but flip around the
channels, pretty thin skinned. just the other day, trump makes a throw away joke about elizabeth warren lying about being native american and then for 24 hours on all the other cable networks, it's all the coverage about his motives and republicans are racist because of this. it's like it's a throwaway line, a joke that he made, and their trump dearrangement syndrome, they go overboard. trump attacking the media is an easy target and they go overboard with it. neil: is it easy given their own peccadillos? >> i don't think so at all. you know what i think about tax reform since you want to talk about that. neil: yes, indeed. >> i don't think it's going to happen because republicans have proven themselves to be completely worthless and unable to do anything. it's not going to work, we all know that, right? media knows that and donald trump knows that soon, and
that's why he's going on the offense because it's everyone's favorite punching bag. neil: bree, i'm not going to your party. so there, done. >> you're not invited! don't worry about it. neil: takes one to know one. when i heard that one, we're not going to the white house christmas party. well, you're not invited. we'll have more after this.
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. neil: all right. i want to take a look at this. two companies looking to go public facing a whole bunch of problems, not good timing, uber's third quarter losses widening losing 1 $1/2 billion and buzzfeed laying off as many as 100 people after revenue miss. this things happen, putting it ahead of a new public offering makes it happen. attorney general jeff sessions announcing new steps to address the opioid crisis in this country. gerri willis has the details on that. hey, gerri. reporter: that's right, we have details on the opioid crisis and the attorney general's efforts to defeat them. he delivered a press conference today in washington talking about three things he wants to do to fix the opioid crisis. number one, he wants to spend more money. some $12 million that will be given to localities, states,
officials as well to zero in on the problems across the country, and secondly, there will be a new dea office, a restructuring of the dea leading to the creation of the new field division in 20 years in kentucky. manned by 90 special agents and 140 task force officers, it would serve kentucky, tennessee and west virginia, a move sessions said would align the forces within the appalachian mountain region and opioid coordinator, a opioid quarterback as sessions described it, to work closely with prosecutors to make law enforcement effective by coordinating state and local law enforcement forces on the ground. we will turn the tide on the opioid crisis, one american, he says, dies every nine minutes of drug overdose, listen. >> we will not feed one city, neighborhood or one street
corner, to gangs, violence or drugs. we need to use every lawful tool we have, and we will. reporter: so neil, as you know, the president has been criticized for not doing enough about the opioid crisis, but sessions today commending the president for what he's done for the crisis including the money that's being spent and the personal interest in the cost. neil, back to you. >> thank you very much, gerri. in the meantime, trade a big issue at the los angeles auto show, this is sort of like the big sort of preview of what's neat and cool in the months to come. hillary vaughn live with some of the big ceos who are there. hillary? reporter: hey, neil, president trump has pressured car manufacturers to build their vehicles here in the u.s., but it's not just american based car companies that are taking the hint. european manufacturers are planning to invest more here, too. german carmaker bmw viewed their all new electric roadster
here. i talked with the ceo who says they are planning to ramp up investment in the u.s. and build more of the german borne cars here in the u.s. >> if you know what we are doing, we invested 8.1 billion dollars in spartanburg in south carolina, and about to invest more. it's our biggest plan globally. as a matter of fact, we are able to take the value of the cars with the company with the highest value exported from this country. so i'm very confident about this. reporter: he thinks the u.s. economy under president trump is going in the right direction and feels positive about his policies. neil? neil: you know, hillary, when you're there and a lot of people talk about, obviously the wind at all of the guy's back is talking about the economy and not only here but across the globe, i would imagine tax cuts and might provide some americans to buy more vehicles, that's something they got to like, or what? reporter: oh, of course, tax
cuts obviously huge, and part of that plays into why they're choosing to invest more money than they already have in one of the biggest plants in the u.s. because the climate here, the economic road map for them is positive and they feel comfortable putting more money in the u.s. as opposed to their home country of germany. neil: a little bit more reward for that. hillary, thank you, very, very much. take a look at dow right now, off 70 points, close to another thousand-point milestone. i love this chart here, if we can show it. it went out without any warning. shows what would be the 6,000-point milestone since election day, and this has gotten to be a routine here and, you know, the drill that people say, this has nothing to do with the president, it's been steadily going up, the market's way over the last, eight, nine years, others point out it picked up considerable speed with his election, no matter where you stand on the issue, it is unabated any. doubts that the prospects of
tax cuts aren't galvanizing influence, think of this. the markets jumped yesterday when he got out of the budget committee and every single republican voted to get measure out of that senate budget committee. every single one. now every single democrat on the same committee voted against it. that was expected. every single one of the republicans, well, that was not. that is still the optimism that has stocks continuing to move. we'll have more after this. >>i don't know. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a box of 'em. thousands of opinions. one estimate. the earnings tool from td ameritrade.
neil: you know one of the rohns why people are so bullish on this market. you can take tech titans, ones really got us here, so-called "fang" stocks, some of them, that have been leading this party, they can get obliterated, not obliterated but they are falling substantially because another group comes in and makes up the difference and then some. financials, like banking institutions, some old brokerage house, money sent are banks, they're doing fine. as are a lot energy stocks, related. that has the dow closing towards 24,000, a little more than a month after it crossed the 23,000 level. this would be the sixth time since donald trump was elected that we are on the precipice of another 1000 point milestone. it is remarkable to watch but a lot of techs who follow this stuff, i think a lot of them read chicken entrails and tea leaves, but that something supposed to be ingredient of a
bull market. finds one group falls out of favor but another group fills slack. that is what is happening with financials. that is remarkable. the dow in record territory easily again. to trish regan. trish: incredible. 24,000 could happen next hour. neil, thank you very much. neil: you got it. trish: president is speaking to the american heartland, speaking to hard-working americans to assure them tax relief son the way. this as the market hits yet again new intraday highs on both dow and nasdaq. s&p, i should point out. we backed off of those highs on the s&p 500 but, take a look, up 81 points there on the dow. it is quite possible, everyone, as we look at this market at 23,917 we are very close to a new record of 24,000 on the dow. could it happen? could it happen in the next 60 minutes? we're watching it